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Sanofi India Ltd(Industry :   Pharmaceuticals - Multinational)
 
BSE Code:500674NSE Symbol: SANOFIP/E  (TTM): 36.03
ISIN Demat:INE058A01010Div Yield %:1.13EPS   (TTM) :115.28
Book Value (Rs):704.91967Market Cap (RsCr):9565.51Face Value (Rs) :10
  Change Company 






Notes On Accounts









Basis of preparation

The financial statements have been prepared to comply in all material respects with the Accounting Standards notified and the relevant provisions of the Companies Act, 1956, read with General Circular 15/2013 dated 13 September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which revaluation was carried out.

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

1. Significant accounting policies:

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in India requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

Tangible and intangible fixed assets

Fixed assets are stated at cost (or revalued amounts, as the case may be) less accumulated depreciation/amortization and impairment losses, if any. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

Depreciation/amortisation

Depreciation is provided on all fixed assets, considering the useful life estimated by the management at rates not lower than those prescribed in Schedule XIV of the Companies Act 1956, on straight line method (SLM) at the following rates per annum on the cost / enhanced cost.

Description of Assets Rate (SLM)
Intangible Assets Amortised over:
Brand 10 years
Software 3 years
Marketing and technical rights for formulations 10 years
Technical know how 5 years
Goodwill 10 years
Tangible Assets
Leasehold land Amortised over lease period
Buildings 3.34 %
Leasehold Improvements Amortised over lease period
Plant and Machinery 10.34 % / 9.5%
Furniture and Fixtures 10.34 %
Office equipments 9.50 %
Computer 25.00 %
Motor vehicles 16.21 %
Laptops and mobile phones 33.33%

The incremental depreciation on revalued amount is transferred to statement of profit and loss from revaluation reserve. Fixed assets

costing Rs. 5,000 or less are fully depreciated in a year from acquisition.

Research and development cost

Research costs are expensed as incurred.

Development expenditure incurred on an individual project is capitalized when the recognition criteria are met. Development expenditure capitalised is amortised over the period of expected future sales from the related project, not exceeding future sales.

Impairment

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the greater of the asset's net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset.

Leases

Company is the Lessee

Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the leased item, are classified as operating leases. Operating lease payments are recognized as an expense in the statement of profit and loss on a straight-line basis over the lease term.

Company is the Lessor

Leases in which the company does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Assets subject to operating leases are included in fixed assets. Lease income on an operating lease is recognized in the statement of profit and loss on a straight-line basis over the lease term. Costs, including depreciation, are recognized as an expense in the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognized immediately in the statement of profit and loss.

Investments

Investments that are readily realisable and intended to be held for not more than a year from the date on which such investments are made are classified as current investments. These are valued at lower of cost or fair value (repurchase price or market value) on an individual item basis.

Investments other than current are classified as Non-Current Investments which are valued at cost less provision for diminution in value, other than temporary, if any.

Inventories

Inventories are valued as follows:

Raw Material and Packing Material

Lower of cost and net realizable value. However, materials and other items held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Cost is determined using standard cost method adjusted for variances, which approximates actual cost based on weighted cost formula.

Work-in-progress and finished goods

Lower of cost and net realizable value. Cost includes direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity. Cost of finished goods includes excise duty. Cost is determined using standard cost method adjusted for variances, which approximates actual cost based on weighted cost formula.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.

Cash and Cash equivalents

Cash and cash equivalents for the purpose of Cash flow statement comprise of cash at bank and in hand and short term investments with an original maturity of three months or less.

Foreign currency transactions

Foreign currency transactions during the year are recorded at rates of exchange prevailing on the date of transactions. Foreign currency monetary items are translated into rupees at the rate of exchange prevailing on the date of the balance sheet. Exchange differences arising on the settlement of monetary items or on reporting monetary items of Company at rates different from those at which they were initially recorded during the year or reported in the previous financial statements, are recognised as income or as expenses in the year in which they arise.

Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction; and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined.

Forward exchange contracts not intended for trading or speculation purposes

The premium or discounts arising at the inception of forward exchange contract is amortised as expense or income over the life of the contract. Exchange differences on such contracts are recognised in the statement of profit and loss in the year in which the exchange rate changes. Any profit or loss arising on cancellation or renewal of forward exchange contract is recognised as income or expense for the year.

Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.

Sale of Goods

Revenue from sale of goods is recognised when significant risk and rewards of ownership are transferred to customers, which is generally on dispatch of goods. Sales are stated exclusive of sales tax and net of trade discount. Excise duty deducted from revenue (Gross) is the amount that is included in the revenue (gross) and not the entire amount of liability arising during the year.

Service Income

Income from service rendered is recognised based on the terms of the agreements and when services are rendered. Service income is net of service tax.

Interest

Interest Income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable.

Dividend

Dividend Income is recognised when the companys right to receive dividend is established by the reporting date.

Others

Other income is accounted for on accrual basis except where the receipt of income is uncertain.

Retirement & Other employee benefits

(i) Long-term Employee Benefits

(a) Defined Contribution Plans

The Company has defined contribution plans for post employment benefits in the form of Superannuation Fund which is recognised by the Income-tax authorities and administered through trustees and/or Life Insurance Corporation of India (LIC). Further the Company also has a defined contribution plan in the form of a provident fund scheme for its staff and workmen at the Ankleshwar unit & Nepal and pension scheme under the Employee's Pension Scheme 1995 for its all employees, which are administered by the Provident Fund Commissioner.

All the above mentioned schemes are classified as defined contribution plans as the Company has no further obligation beyond making the contributions. The Company's contributions to Defined Contribution Plans are charged to the statement of profit and loss as incurred.

(b) Defined Benefit Plans

The Company has for all employees other than Ankleshwar Staff & Workmen, defined benefit plans for post employment benefits in the form of Provident Fund which is administered through trustees (treated as a defined benefit plan on account of guaranteed interest benefit). Further Company has defined benefit plan for post retirement benefit in the form of Gratuity which is administered through trustees and/or LIC for all its employees and pension for certain employees. Schemes of Provident Fund and Gratuity are recognised by the Income-tax authorities. Liability for Defined Benefit Plans is provided on the basis of valuation, as at the balance sheet date, carried out by an independent actuary. The actuarial valuation method used by independent actuary for measuring the liability is the Projected Unit Credit method.

(c) Other Long-term Employee Benefit

The Company has for all employees other long-term benefits in the form of Long Service Award and Leave Encashment as per the policy of the Company. Liabilities for such benefits are provided on the basis of valuation, as at the balance sheet date, carried out by an independent actuary. The actuarial valuation method used by an independent actuary for measuring the liability is the Projected Unit Credit method.

(ii) Actuarial gains and losses (for defined benefit and other long term benefit) comprise experience adjustments and the effects of changes in actuarial assumptions and are recognised immediately in the statement of profit and loss as income or expense.

(iii) Termination benefits are recognised as an expense as and when incurred.

Taxation

Tax expense comprises of current and deferred tax. Provision for Income tax is made on the basis of the estimated taxable income as per the provisions of Income Tax Act, 1961 and the relevant Finance Act, after taking into consideration judicial pronouncements and opinions of the Company's tax advisors. Tax payments are set off against provisions.

Deferred income taxes reflect the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the Balance Sheet date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by the same governing taxation laws. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised. The carrying amount of deferred tax assets are reviewed at each balance sheet date.

Earnings per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Provisions and Contingencies

The Company creates a provision when there exist a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. Provision are not discounted to its present value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
2. SHARE CAPITAL
Authorised
23,500,000 (2012: 23,500,000) Equity Shares of Rs 10 each 2,350 2,350
2,350 2,350
Issued, Subscribed and Paid-up
23,030,622 (2012 : 23,030,622) Equity Shares of Rs. 10 each fully Paid-up 2,303 2,303
2,303 2,303

a) Shares held by holding and ultimate holding company

13,904,722 (2012 : 13,904,722) equity shares are held by Hoechst GmbH, Germany, holding company and 4,865 (2012 : 4,865) Equity shares are held by Sanofi S.A., France ultimate holding company

b) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

December 31, 2013 December 31, 2012
Numbers Amount Numbers Amount
in Lacs in Lacs
At the beginning of the year and outstanding 23,030,622 2,303 23,030,622 2,303
at the end of the year

c) Terms/rights attached to equity shares

The Company has only one class of equity shares having a face value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31 December 2013, the amount of per share dividend (including interim dividend of Rs. 10 (December 2012: Rs. 4)) recognized as distributions to equity shareholders was Rs. 45 (December 2012: Rs. 33).

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the shareholder.

d) Details of Shareholders holding more than 5% shares in the company

December 31, 2013 December 31, 2012
No of Shares % of Holding No of Shares % of Holding
Hoechst GmbH, Germany 13,904,722 60.38 13,904,722 60.38
Reliance Capital Trustee Company Limited 1,522,482 6.61 1,780,804 7.73
Aberdeen Global Indian Equity Fund (Mauritius) Ltd 1,338,883 5.81 1,338,883 5.81

As per the records of the company, including its register of shareholder/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial owner ships of shares.

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
3. RESERVES AND SURPLUS
Capital Reserve 349 349
Securities premium account 204 204
Revaluation Reserves
Balance as per last balance sheet 1,111 1,195
Less: Transferred to statement of profit and loss as reduction from depreciation 84 84
1,027 1,111
General reserve
Balance as per last balance sheet 25,113 23,346
Add: Transferred from surplus balance in the statement of profit and loss 2,652 1,767
Closing Balance 27,765 25,113
Surplus in the statement of profit and loss
Opening balance 91,332 84,265
Profit for the year 26,518 17,666
Less: Appropriations
Interim dividend on equity shares 2,303 921
Proposed final dividend on equity shares 8,061 6,679
Tax on dividend 1,812 1,232
Transferred to general reserves 2,652 1,767
Net surplus in the statement of profit and loss 103,022 91,332
132,367 118,109

4. OTHER LONG TERM LIABILITIES

Security Deposit 74
74
5. LONG TERM PROVISIONS
Provision for Employee Benefits (ref note No 31)
Employees' retirement and other long term benefits 154 107
Employees' retirement benefits - Pension 74 122
Employees' retirement benefits - Provident fund 195
Other Provision
Provision for Sales Returns (ref note No 34) 2,300 1,504
2,528 1,928

 

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
6. DEFERRED TAX LIABILITIES
Difference in depreciation and other differences in block of
fixed assets as per tax books and financial books 6,516 4,747
Gross deferred tax liabilities 6,516 4,747
Employee retirement and other long term benefits 625 596
Effect of expenditure debited to Profit & Loss Account in current year but allowed for tax purposes in following years 2,110 1,923
Provision for doubtful debts and advances 112 100
Gross deferred tax assets 2,847 2,619
Net Deferred Tax Liability 3,669 2,128
7. TRADE PAYABLES AND OTHER CURRENT LIABILITIES
Trade Payables (ref note No 36) 18,710 15,145
Other current liabilities
Liability for capital goods 1,369 1,590
Employee related and other current liabilities 5,688 5,115
Statutory and other liabilities 1,348 1,415
Security Deposits 201 200
Advances from customers and others 258 80
Unclaimed Dividend (ref note (a) below) 129 99
Advance Rent 172
8,993 8,671
27,703 23,816

(a) There are no amounts due and outstanding to be credited to Investor Education and Protection Fund

8. SHORT TERM PROVISIONS
Provision for Employee Benefits (ref note No 31)
Employees' retirement and other long term benefits 1,636 1,708
Employees' retirement benefits - Pension 16 22
Other Provisions
Proposed dividend 8,061 6,679
Tax on proposed dividend 1,370 1,083
Provision for sales returns (ref note no. 34) 1,840 1,203
Other Provisions (ref note no. 34) 2,912 4,152
15,835 14,847

9. FIXED ASSETS

(Rupees in Lacs)

GROSS BLOCKS AS AT

DEPRECIATION/ AMORTISATION

NET BLOCK AS AT
As at 01.01.2013 Additions Deductions As at 31.12.2013 As at 01.01.2013 For the Year Deductions As at 31.12.2013 31.12.2013 31.12.2012
Intangible Assets
Goodwill (1) 12,529 12,529 1,462 1,254 2,716 9,813 11,067
Brand (1) 40,711 40,711 4,749 4,071 8,820 31,891 35,962
Software (2) 738 4 734 726 9 4 731 3 12
Marketing and technical rights for formulations 2,004 2,004 2,004 2,004
Technical know-how (3) 5,079 302 5,381 1,609 1,024 2,633 2,748 3,470
Sub Total (A) 61,061 302 4 61,359 10,550 6,358 4 16,904 44,455 50,511
Previous Year 60,940 121 61,061 3,980 6,570 10,550 50,511
Tangible Assets
Freehold Land 348 348 348 348
Leasehold Land 528 100 628 86 6 92 536 442
Buildings (4) and (5) 12,043 1,937 13,980 5,020 516 5,536 8,444 7,023
Leasehold Improvement 281 129 10 400 190 86 9 267 133 91
Plant & Machinery 23,119 6,035 363 28,791 12,820 1,903 332 14,391 14,400 10,299
Furniture & Fixtures 1,153 205 67 1,291 666 112 51 727 564 487
Office Equipment 613 62 675 448 448 227 165
Computers 2,210 508 54 2,664 1,678 317 53 1,942 722 532
Motor Vehicles 82 82 44 12 56 26 38
Sub Total (B) 40,377 8,976 494 48,859 20,952 2,952 445 23,459 25,400 19,425
Previous Year 35,854 5,229 706 40,377 19,115 2,501 664 20,952 19,425
Total (A+B) 101,438 9,278 498 110,218 31,502 9,310 449 40,363 69,855 69,936
Previous Year Total 96,794 5,350 706 101,438 23,095 9,071 664 31,502 69,936

Notes:

1) Remaining amortisation period upto 94 months.

2) Remaining amortisation period upto 10 months.

3) Remaining amortisation period from 3 months to 34 months.

4) Buildings include investments representing ownership of Office premises and Residential flats in co-operative societies.

5) Buildings include buildings given on operating lease (refer note 33).

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
10. NON CURRENT INVESTMENTS
UNQUOTED EQUITY INSTRUMENTS
Trade Investments
(i) Bharuch Enviro Infrastructure Limited * *
2,188 (2012: 2,188) Equity shares of Rs.10 /- each fully paid up.
(ii) Bharuch Eco-Acqua Infrastructure Limited 24 24
236,000 (2012: 236,000) Equity shares of Rs.10/- each fully paid up.
24 24
* denotes figure less than a lac
QUOTED
Other Than Trade (Ref Note 43)
(i) United Breweries (Holdings) Limited 8
Nil (2012:99,636) Equity shares of Rs.10/- each fully paid up.
(ii) United Breweries Limited 4
Nil (2012: 332,120) Equity shares of Rs.1/- each fully paid up.
12
Aggregate market value of quoted investment Rs. Nil (2012: Rs. 3,208 Lacs)
24 36
11. LONG TERM LOANS AND ADVANCES
Unsecured, considered good unless stated otherwise
Employee loans and advances 588 575
Loans and advances to related parties (ref Note 30)
Inter Corporate Loan (Secured) 2,300
Tender Security Deposits
Unsecured, considered good 112 110
Unsecured, considered doubtful 116 101
228 211
Less : Provision for Doubtful security deposits (116) (101)
112 110
Advance tax (net of provision) 1,842 2,784
Capital Advances 262 1,110
Deposits Others 1,055 1,239
6,159 5,818

 

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
12. OTHER NON CURRENT ASSETS
Margin Money Deposits (Ref Note 15) 107 129
107 129
13. INVENTORIES (AT LOWER OF COST AND NET REALISABLE VALUE)
Raw Materials and packing materials 16,786 10,978
(Including in transit Rs. 4,038 Lacs; 2012: Rs. 1,392 Lacs) Work-in-progress 3,268 2,908
Finished goods / Traded goods (Including in transit Rs. 856 Lacs; 2012: Rs. 670 Lacs) 13,946 13,359
34,000 27,245
Details of Work-in-progress
Formulations 3,268 2,908
Details of Finished goods/Traded goods (refer note 22)
Formulations 13,946 13,359
14. TRADE RECEIVABLES
Unsecured, considered good unless stated otherwise
Outstanding over six months
Considered - good 508 379
- doubtful 195 187
703 566
Others
Considered - good 11,323 9,511
- doubtful
11,323 9,511
12,026 10,077
Less : Provision for doubtful debts 195 187
11,831 9,890

 

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
15. CASH AND BANK BALANCES
Cash on hand 2 2
With scheduled banks in
Current accounts 2,829 6,534
Bank Deposit with original maturity of less than three months 23,150 36,250
Unpaid dividend accounts 129 99
26,110 42,885
Other Bank Balances
Margin money deposits 437 264
Less : Amount disclosed under non current assets (Ref note 12) (107) (129)
330 135
26,440 43,020

Margin money deposit given as security

Margin money deposit with carrying amount of Rs. 437 lacs (2012 : Rs. 264 lacs) are subject to first charge to secure bank guarantees issued by bank on our behalf.

16. SHORT TERM LOANS AND ADVANCES

(Unsecured, considered good unless stated otherwise)

Advances recoverable in cash or in kind or for value to be received 218 130
Loans and advances to related parties (ref note 30)
Advances recoverable in cash or in kind or for value to be received 215 247
Inter Corporate Loan (Secured) 19,500
Other Loans and Advances
Employee loans and advances
Unsecured, considered good 304 175
Unsecured, considered doubtful 19 19
323 194
Less: Provision for doubtful advances (19) (19)
304 175
Prepaid Expenses 488 302
Balances with Statutory Authorities 552 954
VAT/Service credit (input) receivable 150 217
Interest Accrued on Fixed Deposits 18 33
Advance payment to Suppliers 467 242
21,912 2,300

Loans and Advances in nature of loan given to Shantha Biotechnics Limited, a company in which directors are interested;

Inter Corporate loan balance as at December 31, 2013 - Rs. 19,500 Lacs (2012 - Nil) Maximum balance outstanding during the year - Rs 20,500 Lacs (2012 - 7,900 Lacs) The same is payable within 12 months

Notes December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
17. OTHER CURRENT ASSETS
Finished goods - Sample inventory 459 410
Rent Receivable 72
531 410
18. REVENUE FROM OPERATIONS (NET)
Sale of Products (gross) 175,245 153,363
Less: Excise Duty (Refer Note (a) below) 4,599 3,978
Sale of Products (net) 18(a) 170,646 149,385
Sale of Services 18(b) 9,071 6,996
Other operating income 18(c) 1,169 923
Revenue from operations 180,886 157,304

(a) Excise duty on sales amounting to Rs. 4,599 Lacs (2012: Rs. 3,978 Lacs) has been reduced from sales in statement of profit & loss and increase of excise duty on inventory, sample etc. amounting to Rs. 160 Lacs (2012: Rs. 309 Lacs) has been considered as expense in Note 24 of financial statements.

18(a)Details of Products sold

Formulations 170,437 149,151
Bulk Drugs 209 234
170,646 149,385
18(b)Details of Services rendered
Business Auxiliary Services 9,071 6,996
9,071 6,996
18(c) Other Operating Income
Sale of Scrap 87 59
Export Incentives 666 331
Indirect taxes set off/ refunds 386 519
Others 30 14
1,169 923

 

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
19. OTHER INCOME
Interest
Bank deposits 1,701 2,040
Inter corporate deposits 1,266 625
Others (Includes interest on income tax refunds, employee loans, etc) 322 180
Rent 1,092 1,026
Exchange difference (net) 681 103
Provision for doubtful debts written back (net) 627 3
Miscellaneous Income 95 136
Dividend income on investments 2 4
5,786 4,117
20. COST OF MATERIAL CONSUMED
Inventory at the beginning of the year 10,978 10,053
Add: Purchases 69,621 56,836
Less: Inventory at the end of the year 16,786 10,978
Cost of Material Consumed 63,813 55,911
Details of Material Consumed
Active Pharma Ingredients 55,180 47,957
Packing Materials 8,633 7,954
63,813 55,911
Details of Inventory at the end of the year
Active Pharma Ingredients 15,195 9,559
Packing Materials 1,591 1,419
16,786 10,978

 

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
21. PURCHASE OF TRADED GOODS
Purchase of Traded Goods 19,077 18,531
19,077 18,531
Details of Purchase of Traded Goods
Formulations 19,077 18,531
19,077 18,531

22. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND TRADED GOODS

Inventory at the beginning of the year
Traded Goods 7,214 6,336
Work-in-progress 2,908 2,792
Finished Goods 6,145 6,246
16,267 15,374
Inventory at the end of the year
Traded Goods 8,688 7,214
Work-in-progress 3,268 2,908
Finished Goods 5,258 6,145
17,214 16,267
(Increase) in Inventory (947) (893)
23. EMPLOYEE BENEFITS EXPENSES
Salaries, wages and bonus 21,471 19,185
Contribution to provident fund / other funds (refer note 31) 1,292 983
Staff welfare expenses 1,450 1,210
24,213 21,378

 

December 31, 2013 December 31, 2012
Rupees in Lacs Rupees in Lacs
24. OTHER EXPENSES
Advertisement and sales promotion 9,457 9,293
Travelling and conveyance 6,033 5,842
Selling and distribution expenses 8,667 6,899
Power and fuel 4,183 3,415
Toll Manufacturing Charges 2,906 2,925
Decrease of excise duty on inventory 160 309
Legal and professional fees 974 997
Training & meetings 1,567 1,355
Repairs - building 73 92
- plant and machinery 669 506
- others 1,040 841
Insurance 575 585
Rent 1,709 1,404
Auxiliary and other materials 863 750
Rates and taxes 765 902
Stores and spares 278 270
Provision for doubtful debts and advance (net) 22
Loss on disposal of fixed assets (net) 24 7
Auditors remuneration (Including Service Tax)
Audit fees 55 52
Tax audit fees 4 4
Certifications 6 5
Out of pocket expenses 1 1
Donations (other than political parties) 47 15
Others 2,677 3,030
42,755 39,499
Less: Reimbursement of expenses* 7,815 8,303
34,940 31,196

* Reimbusement of expenses includes expenses recovered from common shared utilities and services from third parties. Further it also includes marketing support and clinical trial reimbursement from fellow subsidiaries.

25. The tax year for the Company being the year ending March 31, the provision for taxation for the year is the aggregate of the provision made for the three months ended March 31, 2013 and the provision based on the profit for the remaining nine months up to December 31, 2013, the ultimate liability of which will be determined on the basis of the profit for the tax year April 1, 2013 to March 31, 2014.

26. Balance with customs and excise authorities includes excise and cenvat deposit Rs.293 Lacs (2012: Rs. 230 Lacs) with toll manufacturers.

27. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 14,844 Lacs (2012: Rs. 2,388 Lacs).

28. Contingent Liabilities and commitments:

Dec 2013 Dec 2012
Rupees Lacs Rupees Lacs
Tax demands in respect of which*
a Tax authorities have appealed against Income tax orders which were ruled in favour of the Company 6,162 6,162
a Company's appeals are pending before appropriate authorities/ the Company is in process of filing an appeal with appropriate authorities 8,613 5,782

* Contingent liabilities in respect of pending tax assessments in relation to similar matters are not determinable and hence not disclosed.

29. The operations of the Company represent a single primary business segment relating to pharmaceuticals. Secondary segment reporting is performed on the basis of location of the customers. All the business assets of the Company are situated in India except assets which are directly identifiable.

(Rupees Lacs)

Particulars Dec 2013 Dec 2012
India Outside India Total India Outside India Total
Revenues (Net) 136,085 44,801 180,886 131,189 26,115 157,304
Carrying amount of segment assets* 129,129 7,876 137,005 118,774 4,892 123,666
Capital expenditure for the year 18,547 18,547 7,410 7,410

*Segment Assets includes the following

(Rupees Lacs)

Particulars Dec-13 Dec-12
Fixed Assets
i) Tangible Assets 25,400 19,425
ii) Intangible Assets 44,455 50,511
iii) Capital work in progress
Tangible Assets 13,455 4,063
Intangible Assets 164 284
Loans and Advances (Long term & short term) 4,517 5,431
Inventories 34,459 27,655
Trade receivables 11,831 9,890
Cash & Bank Balances 2,724 6,407
Total 137,005 123,666

30. Related parties

i. Parties where control exists:

a) Hoechst GmbH, Germany, holding Company (holds 60.38% of the equity share capital as at December 31, 2013)

b) Sanofi S.A., France, ultimate holding Company

ii. Other related parties with whom transactions have taken place during the year: -

a) Fellow subsidiaries

Aventis Pharma Limited. UK Sanofi-aventis (Malaysia) SDN. BHD
Francopia S.A.R.L. Sanofi-Aventis (Thailand) Limited
Genzyme India Private Limited sanofi-aventis Bangladesh Limited
PT Aventis Pharma Sanofi-Aventis Deutschland GmbH
Sanofi Aventis Ilaclari Ltd. Sirketi Sanofi-Aventis Egypt SAE
Sanofi Chimie S.A Sanofi-Aventis Groupe S.A.
Sanofi Pasteur India Pvt. Limited sanofi-aventis Lanka Limited
Sanofi Winthrop Industrie S.A. sanofi-aventis Pakistan limited
Sanofi-Aventis Recherche et Developpement S.A. Sanofi-Aventis Singapore Pte. Limited
Sanofi-Aventis Spa Sanofi-Aventis Taiwan Co. Limited
sanofi-aventis U.S.Inc. Sanofi-Synthelabo (India) Limited
Shantha Biotechnics Limited Zentiva S.A

b) Key management personnel of the Company for the year

Name Category of Directorship
Dr. Shailesh Ayyangar Managing Director
Mr. Madhusudan Garimela Rao Executive Director
Mr. Susheel Umesh Executive Director till 31st January 2013
Ms. Joanna Potts Executive Director from 1st May 2013 to 10th September 2013 and 9th October 2013 to 31st December 2013
Ms. Virginie Boucinha Executive Director from 25th July 2012
Mr. Michel Dargentolle Executive Director from 01st January 2012 to 30th June 2012

c) Transactions during the year:

(Rupees Lacs)

Particulars Dec 13 Dec 12
Holding Company
Dividend
Sanofi S.A. 2 2
Hoechst GmbH 5,423 4,588
Payment of Common shared expenses
Sanofi S.A. 28
Recovery of Expenses
Sanofi S.A. 47
Fellow subsidiaries
Sale of Raw Material and Finished Goods
Sanofi-Aventis Singapore Pte. Limited 39,351 21,254
Others 3,699 3,585
Total 43,050 24,839
Purchase of Raw Material and Finished Goods
Sanofi Winthrop Industrie S.A 4,088 4,714
Sanofi-Aventis Singapore Pte. Limited 38,478 29,216
Others 5,892 3,818
Total 48,458 37,748
Purchase of Fixed Assets
Genzyme India Private Limited 5
Recovery of expenses
Sanofi-Aventis Singapore Pte. Limited 6,580 7,017
Others 204 56
Total 6,784 7,073
Income from Service rendered
Sanofi-Synthelabo (India) Limited 7,632 5,631
Sanofi Pasteur India Private Limited 1,167 971
Others 300 490
Total 9,099 7,092
Rent Income
Sanofi-Synthelabo (India) Limited 8 8
Refund of Inter Corporate Loan given
Shantha Biotechnics Limited 11,000 7,900
Inter Corporate Loan given
Shantha Biotechnics Limited 30,500 4,500
Sanofi Pasteur India Private Limited 2,300
Interest income (others) on loan/inter Company deposits given Shantha Biotechnics Limited 1,008 180
Sanofi Pasteur India Private Limited 177
Payment of Common shared expenses
Sanofi-Aventis Groupe S.A 54 55
Sanofi-Aventis Singapore Pte. Limited 35 52
Sanofi-Synthelabo (India) Limited 95 72
Sanofi Pasteur India Private Limited 95
sanofi-aventis Lanka Limited 63 76
Others 208 189
Total 455 539
Payment towards Intangibles under development
Sanofi-Synthelabo (India) Limited 82 130
Key Management Personnel
Remuneration
Dr. Shailesh Ayyangar 115 106
Mr. Madhusudan Garimela Rao 110 101
Ms. Joanna Potts 43
Mr. Michel Dargentolle 21
Mr. Susheel Umesh 9 58
Ms. Virginie Boucinha 176 80
Total 453 366

(Rupees Lacs)

d) Outstanding as at December 31, 2013

Particulars Dec-13 Dec-12
Holding Company
Sanofi S.A. (Payable) 29
Sanofi S.A. (Receivable) 47
Fellow Subsidiaries
Trade Receivables
Sanofi-Aventis Singapore Pte. Limited 5,575 3,176
sanofi-aventis Lanka Limited 645 503
Others 671 366
Total 6,891 4,045
Other Receivables
Sanofi-Synthelabo (India) Limited 992 554
Sanofi-Aventis Singapore Pte. Limited 607 639
Others 218 145
Total 1,817 1,338
Trade Payables
Sanofi Winthrop Industrie S.A. 1,033 581
Sanofi-Aventis Singapore Pte. Limited 6,375 3,516
Sanofi-Aventis Spa 334 623
Others 965 897
Total 8,707 5,617
Inter Corporate Loan Balance
Shantha Biotechnics Limited 19,500
Sanofi Pasteur India Private Limited 2,300
Total 21,800

31. Employee Benefits

A) Defined Contribution Plans

The Company has recognised the following amounts in the statement of profit and loss for the year:

Particulars Dec 13 Rupees Lacs Dec 12 Rupees Lacs
i) Contribution to Employees' Provident Fund (Ankleshwar and Nepal) 28 23
ii) Contribution to Employees' Superannuation Fund 98 94
iii) Contribution to Employee's Pension Scheme, 1995 203 189

B) Post Employment Defined Benefit Plans

Valuations in respect of Gratuity, Pension Plan and Interest shortfall on Provident Fund have been carried out by an independent actuary, as at the Balance Sheet date, based on the following assumptions:

Particulars Gratuity Pension Plan Provident Fund
Dec 13 Dec 12 Dec 13 Dec 12 Dec 13 Dec 12
(a) Discount Rate (per annum) 9.00% 8.50% 9.00% 8.50% 9.00% 8.50%
(b) Expected Rate of Return on Plan Assets 9.00% 8.50% 9.00% 8.50% 9.00% 8.00%
(c) Salary Escalation rate# 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
(d) Mortality LIC- Ultimate 94-96 LIC- Ultimate 94-96 LIC- Ultimate 94-96 LIC- Ultimate 94-96 NA* NA*
(e) Employees' turnover Age related Age related Age related Age related Age related Age related

*NA - Not Applicable

#The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion, and other relevant factors, such as supply and demand in the employment market.

i) Change in Benefit Obligation

Particulars Gratuity Pension Plan Provident Fund
Dec 13 Dec 12 Dec 13 Dec 12 Dec 13 Dec 12
Liability at the beginning of the period 3,233 2,819 145 168 12,768 11,981
Interest Cost 274 246 12 14 1,134 759
Current Service Cost 230 214 2 2 652 569
Employees Contribution 1,109 978
Interest Gurantee 120
Benefits Paid (219) (254) (26) (32) (930) (1,327)
Transfer from previous employer's
Liability Transfer In 75 222 155
Liability Transfer Out
Provision for diminution in fair value of Plan assets
Actuarial (gain)/loss on Obligations 231 133 (43) (7) (193) (467)
Liability at the end of the year 3,749 3,233 90 145 14,762 12,768
Funded benefit obligation 3,660 2,937 - - 14,762 12,574
Non Funded Benefit Obligation 89 296 90 145 194

ii) Fair value of Plan Assets

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 13 Dec 12 Dec 13 Dec 12 Dec 13 Dec 12
Fair Value of Plan Assets at the beginning of the year 2,937 2,774 12,574 11,483
Expected Return on Plan Assets 250 237 1,134 716
Interest Shortfall paid by the Company
Employer's Contributions 651 173 26 32 652 569
Employees Contribution 1,109 978
Benefits Paid (219) (253) (26) (32) (930) (1,327)
Transfer from Other Approved Funds 223 155
Provision for diminution in fair value of Plan assets
Actuarial gain/(loss) on Plan Assets 41 6
Fair Value of Plan Assets at the end of the year 3,660 2,937 14,762 12,574
Contributions expected to be paid to the Plan in 2014 308 254

iii) Actual Return on Plan Assets

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 13 Dec 12 Dec 13 Dec 12 Dec 13 Dec 12
Expected Return on Plan Assets 250 237 1,134 716
Actuarial gain/(loss) on Plan Assets 41 6
Actual Return on Plan Assets 291 243 1,134 716

iv) Amount Recognised in the Balance Sheet

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 13 Dec 12 Dec 13 Dec 12 Dec 13 Dec 12
Liability at the end of the year 3,749 3,233 90 145 14,762 12,768
Fair Value of Plan Assets at the end of the year 3,660 2,937 14,762 12,574
Difference 89 296 90 145 194
Amount Recognised in the Balance Sheet 89 296 90 145 194

v) Expenses Recognised in the Income Statement

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 13 Dec 12 Dec 13 Dec 12 Dec 13 Dec 12
Current Service Cost 230 246 2 2 652 569
Interest Cost 274 214 12 14 1,134 759
Expected Return on Plan Assets (250) (237) (1,134) (716)
Interest Guarantee 120
Net Actuarial (Gain)/Loss to be Recognised 190 127 (43) (7) (193) (467)
Expense Recognised in Profit and Loss under personnel expenses 444 350 (29) 9 459 265

vi) Amount for the current period and previous periods are as follows:

(Rupees Lacs)

Particulars Gratuity Pension Plan Provident Fund
Dec 13 Dec 12 Dec 11 Dec 10 Dec 09 Dec 13 Dec 12 Dec 11 Dec 10 Dec 09 Dec 13 Dec 12 Dec 11 Dec 10 Dec 09
Defined Benefit
Obligation 3,749 3,233 2,818 2,744 2,477 90 145 168 163 179 14,762 12,768 11,983 10,381 9,101
Plan assets 3,660 2,937 2,773 2,033 1,639 14,762 12,574 11,484 10,006 8,853
Surplus/ (deficit) 89 296 45 711 839 90 145 168 163 179 194 499 375 248
Experience adjustment on benefit obligation
Net Actuarial (Gain)/Loss due to Experience 231 133 (77) 116 273 (7) 18 (9) (29) (193) (467) 125 66 (116)
Net Actuarial (Gain)/Loss due to Change in Assumption 12 1
Experience adjustment on Plan Assets
Net Actuarial Gain/(Loss) due to Experience 41 6 56 37
Net Actuarial (Gain)/Loss due to Change in Assumption (2)

vii) Basis used to determine expected rate of return on assets

Expected rate of return on investments is determined based on the assessment made by the Company at the beginning of the year on the return expected on its existing portfolio since these are generally held to maturity, along with the estimated incremental investments to be made during the year.

viii) General descriptions of significant defined Plans

Gratuity Plan

Gratuity is payable to all eligible employees of the Company on superannuation, death and permanent disablement in terms of provisions of the Payment of Gratuity Act or as per the Company's Scheme whichever is more beneficial. Benefit would be paid at the time of separation based on the last drawn base salary.

Pension Plan

Under the Company's Pension scheme, certain executives are eligible for fixed pension for five years, depending on their level at the time of retirement on superannuation, death or early retirement with the consent of the Company.

Provident Fund

The Company manages the provident fund through a Provident Fund Trust for its employees (except Staff and Workmen at Ankleshwar unit) which are permitted under The Employees' Provident Fund and Miscellaneous Provisions Act, 1952. The Plan envisages contribution by employer and employees and guarantees interest at the rate notified by the Provident Fund Authority. The contribution by employer and employee, together with interest, are payable at the time of separation from service or retirement.

(ix) Broad category of Plan assets relating Gratuity and Provident Fund as a percentage of total Plan assets

Particulars Gratuity Provident Fund
Dec 13 Dec 12 Dec 13 Dec 12
Government of India securities 22% 20%
Bonds 38% 45%
Special Deposit Scheme, 1975 34% 30%
Other assets 6% 5%
Administered by Life Insurance Corporation of India 100% 100%
100% 100% 100% 100%

 

Particulars Dec 13 Dec 12
Numerator used for calculating basic and diluted earnings per share - profit after taxation and before exceptional item (Rs. in Lacs) 23,980 17,666
Numerator used for calculating basic and diluted earnings per share - profit after taxation after exceptional item (Rs. in Lacs) 26,518 17,666
Weighted average number of shares used as denominator for calculating basic and diluted earnings per share. 23,030,622 23,030,622
Nominal value per share (Rupees) 10 10
Basic and diluted earnings per share
Computed on the basis of earnings before exceptional items divided by weighted average number of shares (Rupees) 104.12 76.71
Computed on the basis of earnings after exceptional items divided by weighted average number of shares (Rupees) 115.14 76.71

33. Operating leases:

Future lease commitments in respect of non-cancellable operating leases:

Where Company is the lessee:

(Rupees Lacs)

Particulars Dec 13 Dec 12
Charged to Statement of profit and loss * 49 77
Not later than one year 36 52
Later than one year but not later than five years 40 82

*Cars are obtained on operating lease. The lease is for a period of five years for cars and one to three years for premises and there is no provision for renewal. There is no escalation clause in the lease agreement. There are no restrictions imposed by lease arrangements. There are no subleases.

In respect of cancellable operating leases, lease charges charged to Statement of profit and loss

(Rupees lacs)

Particulars Dec 13 Dec 12
Car Lease Charges** 210 187
Premises Lease Charges** 1,291 1,001
Total 1,501 1,188

** Premises and Cars are obtained on operating lease. There is no provision for renewal. There is no escalation clause in the lease agreement. There are no restrictions imposed by leased arrangements. There are no subleases.

Where Company is the lessor:

In respect of non-cancellable operating leases

(Rupees lacs)

Particulars Dec 13 Dec 12
Credited to Statement of profit and loss # 1,092 1,025
Not later than one year 1,003 697
Later than one year but not later than five years 422 967

Uncollectible minimum lease payments receivable at the balance sheet date Rs. Nil (2012: Rs. Nil)

#The Company has leased out building on operating lease. The lease term is for a period ranging from 12-60 months.

Details in respect of assets given on operating lease:

(Rupees lacs)

Particulars Dec 13 Dec 12
Gross carrying amount of buildings 1,963 1,963
Accumulated depreciation on cost and re-valued amount 1,143 1,077
Depreciation recognised in statement of profit and loss 66 66
Less: Transferred from revaluation reserve 63 63
Net depreciation as per Statement of profit and loss 3 3

In respect of cancellable operating leases, lease income is credited to Statement of profit and loss

34. Other provisions:

Movements in provisions:

(Rupees Lacs)

Class of provisions
Indirect tax Provision for Sales Returns Others Total
Balance as at January 1, 2013 856 2,707 3,296 6,859
(700) (2,186) (3,176) (6,062)
Amount provided during the year 4,118 41 4,159
(156) (2,532) (120) (2,808)
Amount written back/paid during the year 2,685 1,281 3,966
() (2,011) () (2,011)
Balance as at December 31, 2013 856 4,140 2,056 7,052
(856) (2,707) (3,296) (6,859)

Note: Figures in brackets are for the previous year.

i) Provision for indirect taxes represents differential excise duty, sales tax, custom duty and service tax in respect of which the claims are pending before various authorities for a considerable period of time and based on management's estimate of claims provision is made on prudent basis that possible outflow of resources may arise in future.

ii) Provision for sales returns are on account of expected date expiry and breakages returns based on historical trends

iii) Other provisions on prudent basis are towards possible outflow of resources in respect of legal cases pending against the Company or in respect of contractual obligations of the Company.

35. Derivative Instruments and Un-hedged Foreign Currency Exposure:

Particulars of un-hedged Foreign Currency exposure as at Balance sheet date

Dec 13 Dec 12
Particulars Foreign currency Foreign currency Value (Rupees in Lacs) Foreign currency Value (Rupees in Lacs)
Trade Payables EUR 5,980,872 5,106 5,265,847 3,821
JPY 267,500 2
USD 580,624 359 403,471 222
GBP 2,588 3
NPR 57,578 *
AED 384 *
Shot term loans and advances NPR 44,616 *
Trade Receivables EUR 8,225,194 7,022 5,801,594 4,210
USD 1,380,790 855 1,241,680 683
Cash and Bank Balances EUR 250,550 214 17,402 13

* denotes less than a lac

36. Micro and Small Enterprises

Details of dues to Micro and Small Enterprises as per Micro, Small and Medium Enterprise Development Act,2006

(Rupees Lacs)

Dec 13 Dec 12
The principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year:
Principal Amount 44 38
Interest thereon remaining unpaid
Amount of interest paid in terms of section 16, of the Micro, Small and Medium Enterprise Development Act, 2006 along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year
Amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under Micro, Small and Medium Enterprise Development Act, 2006.
Amount of interest accrued and remaining unpaid at the end of each accounting year; and
Amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under section 23 of the Micro, Small and Medium Enterprise Development Act, 2006

37. Value of imports on CIF basis:

(Rupees Lacs)

Particulars Dec 13 Dec 12
Raw and packing materials 21,559 19,245
Components, spares and auxiliary 58 21
Capital goods 1,314 877
Finished goods 31,260 23,113

38. Expenditure in foreign currency (on accrual basis)

(Rupees Lacs)

Particulars Dec 13 Dec 12
Commission 85 61
Traveling and conveyance 206 269
Telecommunication Charges (included in Others of note 24) 263 189
Legal and professional fees 13 27
Others 267 261

39. Earnings in foreign exchange (on accrual basis):

(Rupees Lacs)

Particulars Dec 13 Dec 12
FOB value of exports 41,517 24,467
Income from services rendered 300 491
Reimbursement of expenses & Market Support 6,831 7,075
48,648 32,033

40. Consumption of raw materials, packing materials spare parts and components

(Rupees Lacs)

Dec 13 % Dec 12 %
Raw Materials and packing materials:
Indigenous 24,514 38 18,551 33
Imported 39,299 62 37,360 67
Sub Total 63,813 100 55,911 100
Spare parts and components:
Indigenous 265 95 261 97
Imported 13 5 9 3
Sub Total 278 100 270 100
Total 64,091 56,181

41. Consequent upon the decision of the Supreme Court in the matter of prices of certain bulk drugs fixed by the Government of India under the Drug (Prices Control) Order, 1979, the Company paid an amount of Rs. 312 lacs in 1988 being the liability determined by the Special Team appointed by the Government. However, during 1990, fresh demands aggregating to Rs. 7,810 lacs alleged to be payable into the Drug Prices Equalisation Account (DPEA) were made by the Government on account of alleged unintended benefit enjoyed by the Company. The Government has also made certain claims for applicable interest. On a Writ Petition filed by the Company in 1991, the Bombay High Court passed an order whereby the demands were to be treated as show cause notices. The High Court directed the Company and the Government to furnish relevant data to each other based on which the Government was to rework the figures. The Government did not furnish the requisite data to the Company. In 1995, a further demand of Rs.795 lacs was made by the Government.

In the meantime, a Committee was constituted by the Government to determine the liabilities of the Drug Companies. The Company filed written submissions with the Committee and contended during the personal hearing that in the absence of the Government furnishing the requisite data as directed by the Bombay High Court, the Company was not in a position to make an effectual presentation before the Committee.

In January 1999, the Company filed an Application before the Bombay High Court seeking directions to the Government to furnish the requisite data. The Application is pending. In the meantime, the Committee has deferred further hearing of the Company's case, until the Application is heard and decided by the Bombay High Court. In any event, the Company is contesting the above demand.

42. Dividend remittances in foreign currency:

(Rupees Lacs)

Dec 13 Dec 12
Dividend remitted in foreign currency
Final for year 2011 4,034
Interim for the year 2012 556
Final for year 2012 4,034
Interim for the year 2013 1,391
Number of non-resident shareholders 2 2
Number of shares held 13,909,587 13,909,587

43. The exceptional item pertains to profit earned on sale of “other than trade Investments”.

44. Previous year's figures have been regrouped wherever necessary to conform to this year's classification.

As per our report of even date For and on behalf of the Board of Directors of
Sanofi India Limited
For S. R. Batliboi & Co. LLP Dr. Vijay Mallya Chairman
ICAI Firm Registration No : 301003E Dr. S. Ayyangar Managing Director
Chartered Accountants Virginie Boucinha Director
S. R. Gupte Director
per Vijay Maniar Rangaswamy R. Iyer Director
Partner A. K. R. Nedungadi Director
Membership No. 36738 M. G. Rao Director
Mumbai : February 25, 2014 K. Subramani Company Secretary
Mumbai : February 25, 2014
   
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